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Wagoners Trunk Full Of Cash

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by Megan Barnett
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A Growth Industry: Internet Crime   44, Day 70: The Detroit Shuffle

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Mar 30 2009 4:00pm EDT

Wagoner's Trunk Full of Cash

Being asked by the President of the United States to resign from your job must be a blow to the ego. But don't feel too sorry for Rick Wagoner today. He's most likely walking away with $20 million.

The government barred General Motors from paying its former CEO any severance on his way out, but Wagoner still could be entitled to his $20 million retirement package, Michelle Leder (of Footnoted.org) and Justin Rood report at ABC News.

This, despite the fact that under Wagoner's leadership, "GM lost tens of billions of dollars, took billions in taxpayer-financed aid, and cut tens of thousands of jobs, including announced plans to cut 47,000 employees by the end of 2009."

It's possible that Wagoner's young age, 56, could preclude him from receiving the entire retirement package.

In the ongoing taxpayers versus bonuses battle, it's pretty clear who is winning: the employment contract.

by Megan Barnett

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